Roger Alton has decided to stand down as editor of The Independent with immediate effect.

He said today: "I think it's right, following the sale of the paper to Alexander and Evgeny Lebedev, that the new owners should be free to appoint an editor of their own choosing. The two-year period in which I have been editor of The Independent has been easily the most exhilarating and exciting time of my career, and every day has been a chance to learn from a truly remarkable collection of colleagues and workmates, the most talented, dedicated and likeable of any group I have worked with. I wish them all the very best for the future, and I am sure that, under the ownership of the Lebedevs, the paper will go from strength to strength."

Simon Kelner, managing director and editor-in-chief, said: 'Roger has edited The Independent throughout one of the most difficult periods in its history and has done so with elan, dedication, skill and his customary energy. His achievement in producing such a terrific newspaper, and in keeping the staff motivated and happy, while being buffeted by the harshest of economic winds is nothing short of remarkable. That The Independent lives to fight another day is due in no small part to Roger's determination to keep the wheels turning. Every member of staff owes him a debt of gratitude, and I am sure I speak for us all in wishing him well for the future.'

As editor-in-chief, Simon Kelner will take over the day-to-day running of the paper over the election period and beyond until a new editor is appointed.

Dan Gledhill and Adam Leigh will be joint deputy editors.

John Mullin, editor of the Independent on Sunday, will take on additional duties on the daily paper and will be responsible for driving greater integration between the daily and Sunday titles.